Quick answer
Overall prices in the Chicago, IL metro were 103.6 vs 92.2 in Memphis, TN in 2024 (US = 100), so Chicago is 12.4% more expensive than Memphis; housing rents differ by 40% (112.0 vs 79.8). A $75,000 income in Chicago buys about what $66,735 buys in Memphis, per BEA.
Data as of 2024. Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024
| Price index (US = 100) | Chicago | Memphis | Chicago vs Memphis |
|---|---|---|---|
| All items | 103.6 | 92.2 | +12.4% |
| Goods | 107.3 | 96.2 | +11.5% |
| Housing (rents) | 112.0 | 79.8 | +40.4% |
| Utilities | 83.6 | 74.1 | +12.8% |
| Other services | 100.5 | 95.4 | +5.4% |
| All items, 2008 | 105.4 | 94.2 | +11.9% |
| $50,000 in Chicago equals in Memphis | $44,490 | ||
| $100,000 in Chicago equals in Memphis | $88,980 | ||
| $150,000 in Chicago equals in Memphis | $133,470 |
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Last updated 2026-10-16. Data only, not financial or tax advice.